Multifamily investor and operator Avanti Residential acquired the 308-unit Summit Square apartments in the Kansas City metropolitan area for $80 million.
Avanti now owns eight apartment communities in the greater Kansas City market as the firm continues to grow its portfolio of lifestyle-forward apartment communities in select growth markets across the U.S.
Summit Square was completed in 2018 with a sophisticated amenity package and condo-quality interior finishes. Avanti paid an attractive $260,000 per unit for the Class-A project, well below replacement cost and comparable sales over the past year in the area.
“We continue to uncover appealing investment opportunities in Kansas City, a market where we have assembled a critical mass of apartment data and operational knowledge over the past several years,” said Christian Garner, president of Avanti Residential.
Summit Square is located at 789 NW Donovan Rd. in affluent Lee’s Summit, a Kansas City suburb that boasts high household incomes, an award-winning school district and the fastest growing MSA in the state.
